The Notice of Trustee’s Sale (NOTS)
Consider a trust deed lender (beneficiary) who instructs his trustee to record a notice of default (NOD) to start foreclosure proceedings and the running of the three-month NOD period, which the trustee does.
Then, no sooner than five days before the three-month NOD period expires, the trustee records a Notice of Trustee’s Sale (NOTS). In it, the trustee’s sale is scheduled to take place no sooner than 20 days after expiration of the three-month NOD period. [Calif. Civil Code §2924; see first tuesday Form 474 accompanying this article]
December 2011 first tuesday Legislative Watch
The NOTS contains:
- the trustee’s or his agent’s name, street address and telephone number (or toll-free number if located out of state);
- the beneficiary’s name, street address and telephone number;
- the street address or common designation of the property to be sold;
- the county assessor’s parcel number of the property;
- the dollar amount of the debt owed, including advances for hazard insurance premiums, property taxes and foreclosure costs;
- a statement informing the owner he is in default;
- advice to the property owner about the sources of information on scheduled and postponed sales; and
- a disclosure to potential bidders of the risks of loss involved in bidding. [See Form 474; CC §2924f]
The NOTS also contains notification that directions to the property being sold may be obtained on a written request to the beneficiary within 10 days from the publication of the NOTS.
Editor’s note: Current first tuesday students and purchasers of first tuesday Forms-on-CD 4.3 may download a FREE copy of the updated Notice of Trustee’s Sale [See first tuesday Form 474] and digitally fill, print and save it. Log in to your student homepage at www.firsttuesday.us using your eight-digit Department of Real Estate (DRE) license number or T-number and click, “first tuesday Forms Downloads and Updates.”